1. Something that is so terrific that it brings you to an instant orgasm or feeling of orgasmic pleasantness.
2. An object of lust that does, in fact, make you cream your pants when the subject is brought up/seen.
3. A brilliant mixture of the words "cream" "my" "pants" "Absolutely and "terrific" (making "cream-my-pantsarific") to describe something so desirable that you are brought to orgasm.